Hong Kong Web3 group issues blueprint for accelerating blockchain development
In a call to action for greater investment to accelerate the development of blockchain infrastructure, industry group Web3 Harbour and accounting firm PwC Hong Kong released the 'Hong Kong Web3 Blueprint' on Monday, capitalising on recent momentum in the city.
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Highlighting the 'transparency, security, and user empowerment' of decentralisation, the blueprint seeks to leverage what it calls 'Web3 superpowers' through the development of 'five key enablers': talent, market infrastructure, standards, regulation, and funding and economic contribution. It calls on participants to focus on open finance, trade finance, capital markets, asset management and carbon markets.
The report was put together with input from Web3 Harbour members and other industry stakeholders. Web3 Harbour chairman Gary Liu, formerly CEO of the Post, said greater private-public collaboration was among its goals, but it was primarily a guide for where the private sector should focus its efforts.
'This is us laying out what the private sector is going to be focused on so that Web3 technologies and virtual or decentralised assets become truly part of the financial infrastructure here in Hong Kong,' Liu said.
The blueprint comes amid recent regulatory progress, with Hong Kong last month
passing its stablecoin ordinance , which is
set to take effect in August . Combined with the US Senate recently passing its own stablecoin legislation, the Genius Act, there has been excitement around the assets, which are considered critical sources of liquidity for tokenised assets.
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Stablecoins keep their value steady by being pegged to a reference asset, typically backed one-to-one with fiat currency such as the US dollar.
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